5 mins
9 January 2025
What is Bharat QR?
Bharat QR is a digital payment system developed to facilitate secure, cashless transactions through QR code scanning. It eliminates the need for physical payment cards or swiping machines, enabling users to make payments directly from their bank accounts using a smartphone. Bharat QR supports multiple card networks, including RuPay, Visa, and Mastercard, making it versatile for both merchants and customers.To use Bharat QR, users scan an UPI QR code displayed at the merchant’s outlet or website through their mobile banking app or wallet. The payment is processed instantly without requiring any additional hardware. Bharat QR adheres to government guidelines, ensuring high security and reliability for digital payments. It is an efficient way for merchants to accept payments without investing in expensive point-of-sale machines.
What is UPI?
Unified Payments Interface (UPI) is a real-time payment system that enables instant money transfers between bank accounts via mobile apps. It was developed by the National Payments Corporation of India (NPCI) and allows users to send or receive money using unique identifiers such as mobile numbers or virtual payment addresses (VPAs).UPI integrates multiple banking services into a single platform, offering convenience for bill payments, fund transfers, and merchant transactions. Its secure, seamless functionality has made UPI one of the most popular digital payment methods in India.
Differences between Bharat QR and UPI
| Aspect | Bharat QR | UPI |
| Technology | QR code scanning for payments. | Mobile-based system using VPAs or bank details. |
| Hardware requirement | Merchants need to display a static or dynamic QR code. | Requires only a smartphone app. |
| Speed of transaction | Instant but relies on scanning QR codes. | Instant, with no scanning required. |
| User interaction | Requires scanning the merchant’s QR code. | Allows payments to individuals and merchants via mobile number or UPI ID. |
| Versatility | Primarily used for merchant transactions. | Suitable for both peer-to-peer (P2P) and merchant transactions. |
Advantages of Bharat QR
Ease of use: Simple QR code scanning eliminates the need for physical cards or swiping machines.Universal compatibility: Supports all major card networks like RuPay, Mastercard, and Visa.
Cost-effective: No additional investment in hardware is required for merchants.
Secure transactions: Adheres to government security standards, ensuring reliable payment processing.
Offline availability: Static QR codes can be scanned even in areas with limited internet access.
Instant settlements: Payments are credited to the merchant’s account in real-time.
Advantages of UPI
Instant transfers: Enables real-time payments between bank accounts.No dependency on cash: Reduces the need for cash transactions, promoting a cashless economy.
Low transaction costs: Minimal or no fees for UPI transactions.
Flexibility: Supports payments to individuals, merchants, or utility providers.
Secure: Encrypted transactions and two-factor authentication ensure safety.
Wide accessibility: Operates across all major banking and financial apps.
When to use Bharat QR vs UPI
Bharat QR is ideal for merchant payments, especially in retail outlets or online platforms where QR codes are prominently displayed. It is a great choice for small businesses that lack advanced payment infrastructure.On the other hand, UPI is more versatile, catering to both merchant and peer-to-peer payments. It is suitable for scenarios like splitting bills, transferring money to friends or family, or paying utility bills directly from bank accounts.
Conclusion
Both Bharat QR and UPI are transformative technologies in digital payments, each excelling in specific use cases. Platforms like Bajaj Pay enhance the adoption of such payment systems by providing seamless integration with secure features and diverse transaction options.Whether it is scanning a UPI QR code or using UPI for fund transfers, Bajaj Pay ensures convenience and reliability.
